摘要
随着现代企业治理结构的不断完善，高管薪酬作为激励机制的重要组成部分，其设计合理性对提升企业财务绩效具有深远影响。本研究旨在探讨高管薪酬结构与企业财务绩效之间的关联性，并进一步分析不同薪酬构成要素对企业绩效的影响路径及作用机制。基于中国A股上市公司2015年至2022年的面板数据，采用固定效应模型和分位数回归方法进行实证分析。研究发现，高管薪酬水平与企业财务绩效之间存在显著正相关关系，且薪酬结构中固定薪酬与绩效薪酬的比例配置对这种关系具有调节作用。具体而言，适度提高绩效薪酬占比能够更有效地激励高管创造价值，但过高比例可能引发短期行为倾向，从而削弱长期绩效表现。此外，行业异质性和公司规模等因素在二者关系中表现出显著的调节效应。本研究创新性地引入动态视角，考察了高管薪酬结构对企业财务绩效的滞后影响，并通过分位数回归揭示了不同绩效水平下薪酬结构的作用差异。研究结果为企业优化高管薪酬设计提供了理论依据，同时为完善公司治理机制和促进企业可持续发展提供了重要参考。
关键词：高管薪酬结构；企业财务绩效；固定效应模型；分位数回归；绩效薪酬占比
Abstract
With the continuous improvement of modern enterprise governance structures, executive compensation, as a critical component of incentive mechanisms, plays a significant role in enhancing corporate financial performance through its rational design. This study investigates the relationship between executive compensation structure and corporate financial performance, further analyzing the influence pathways and mechanisms of different compensation components on firm performance. Using panel data from Chinese A-share listed companies between 2015 and 2022, this research employs fixed-effects models and quantile regression methods for empirical analysis. The findings reveal a significant positive correlation between executive compensation levels and corporate financial performance, with the proportion of fixed to performance-based compensation moderating this relationship. Specifically, moderately increasing the proportion of performance-based compensation can more effectively incentivize executives to create value; however, excessively high proportions may lead to short-term behavioral tendencies, thereby weakening long-term performance outcomes. Additionally, industry heterogeneity and firm size exhibit significant moderating effects on this relationship. Innovatively, this study incorporates a dynamic perspective by examining the lagged impact of executive compensation structure on corporate financial performance and uses quantile regression to uncover differences in the role of compensation structure across varying performance levels. The results provide theoretical support for optimizing executive compensation design and offer important insights for improving corporate governance mechanisms and promoting sustainable enterprise development.
Keywords：Executive Compensation Structure; Firm Financial Performance; Fixed Effects Model; Quantile Regression; Performance-Based Pay Ratio
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 国内外研究现状分析 1
(三) 研究方法与技术路线 2
二、高管薪酬结构的构成与影响因素 2
(一) 高管薪酬结构的主要类型 2
(二) 薪酬结构设计的影响因素分析 3
(三) 不同行业薪酬结构的差异性 3
三、企业财务绩效的衡量与驱动机制 4
(一) 财务绩效的主要衡量指标 4
(二) 财务绩效的驱动因素分析 4
(三) 高管行为对财务绩效的影响 5
四、高管薪酬结构与企业财务绩效的关联性分析 6
(一) 薪酬激励与财务绩效的关系模型 6
(二) 实证研究设计与数据来源 6
(三) 研究结果与讨论 7
结 论 8
参考文献 9
